Title: Liechtenstein’s Progress in Fighting Financial Crimes: A MONEYVAL Report

June 29, 2022

MONEYVAL Commends Liechtenstein’s Advancements in Combating Money Laundering and Terrorism Financing

The Council of Europe’s anti-money laundering and counter-terrorism financing (AML/CFT) body, MONEYVAL, published a new report on Liechtenstein, commending the country for significant strides in combating money laundering (ML) and financing of terrorism (TF).

:::info For more information, visit the official MONEYVAL report on Liechtenstein. [Link to the Report] :::

Acknowledged Achievements

The report acknowledged Liechtenstein’s progress in risk assessment, setting national policies, use of financial intelligence, confiscation of proceeds of crime, and international cooperation.

Risk Assessment and National Policies

MONEYVAL recognized Liechtenstein’s understanding of core ML/FT risks and its cooperation with neighboring countries, Switzerland and Austria, in countering terrorism and TF.

Use of Financial Intelligence

The report found that Liechtenstein’s financial authorities are equipped to detect and prevent TF-related activities.

Areas for Improvement

Despite these achievements, MONEYVAL called for further action in the following areas:

Supervision

Supervision was found to be insufficient for entities deemed high or medium-high risk.

Private Sector Compliance

MONEYVAL recommended improvements in the availability and verification of beneficial ownership information, noting that Liechtenstein’s progress in private sector understanding of risks and obligations was not matched by adequate supervision.

ML Investigation, Prosecution, and Benchmarking

Liechtenstein’s authorities have made progress in investigating and prosecuting ML cases, but additional efforts are required to tackle sophisticated ML schemes exploiting complex legal structures. Moreover, MONEYVAL encouraged Liechtenstein to benchmark itself with other European countries in addressing potential gaps.

Conclusion

According to the MONEYVAL report, Liechtenstein’s commitment to fighting financial crimes remains strong while its cooperation with the international community remains a priority. The country will continue to be monitored by MONEYVAL in the future.